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Problem-solving question: Use the following data for a pure monopoly to calculate the firm's: (a) total revenue, marginal revenue, marginal costs, and average total cost; (b) its profit-maximizing output level and produce price; (c) its profit. (d) Use the price-cost formula to determine whether or not the firm's operations are productively-efficient. (e) Use the price-cost formula to determine whether or not the firm's operations are allocatively efficient.
Q (P = AR) TR MR TC MC ATC
0 $120 $100
1 119 200
2 118 280
3 117 340
4 116 380
5 115 400
6 114 460
7 113 560
8 112 665
In the long run, the most helpful action that a monopolistically competitive firm can take to maintain its economic profit is to lower price
Suppose two world leaders "Nikita" and "Margaret" are engaged in an arms race and face the decision whether or not to build a missile. The payoffs of Nikita and Margaret are as follows: If both build a missile, both receive the payoff -10. If both ..
Discuss if you agree or disagree with this statement and explain your position: Market equilibrium (price and quantity of equilibrium) is just a theoretical result.
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